Radiology Services Market 2020: Key companies Profile, their market Share and Growth Insights to 2023

Radiology or diagnostic imaging, simply put, is a medical specialty that uses medical imaging for diagnosing and treating diseases within the bodies of humans and animals alike. Various imaging techniques are used for diagnosing or treating diseases such as magnetic resonance imaging (MRI), positron emission tomography (PET), computed tomography, ultrasound, and X-ray radiography.

The Global Radiology Services Market Size is predicted to touch USD 8,102.51 million at a 10.5% CAGR between 2019-2024, reveals the latest Market Research Future (MRFR) report.

Radiology tests enable physicians to see inside the body and are broadly categorized into interventional radiology and diagnostic radiology. The former technology is used for treating kidney problems, liver problems, back pain, fibroids in the uterus, blockages in the veins and arteries, and treating tumors or cancers. Through diagnostic radiology, doctors diagnose the causes of a patient’s symptoms, screen for various illnesses including heart disease colon cancer, or breast cancer, and monitor how well a patient’s body responds to treatments that they are receiving for their condition or disease.

Various factors are propelling the radiology services market growth. These factors, as per the new Market Research Future (MRFR) report, include the growing prevalence of chronic diseases, advancements in technology, demand for procedures that are minimally invasive, rising expenditure in R&D, and excellent strategies adopted by key players such as product launches. Additional factors pushing market growth include accessibility of reimbursement for radiology and developments in teleradiology.

On the flip side, lack of medical infrastructure, scarcity of skilled professionals, high risk of diseases resulting from radiation, and high price of radiology devices are factors that may restrict the radiology services market growth over the forecast period.

Key Players

Foremost players profiled in the global radiology services market report include Virtual Radiology (vRAD), Teleradiology Solutions Inc, Telemedicine Clinic, Telediagnostics Services Pvt. Ltd., Siemens Healthcare, RamSoft Inc., Radisphere National Radiology Group Inc., Onrad, Inc, Medica Reporting Ltd., Global Diagnostics, Everlight Radiology, Cybernet Medical Corporation, and 4ways Healthcare Limited.

Industry News

October 2019: North India’s leading hospital chain Saket, Max Super Specialty Hospital, has partnered with Fujifilm India, a renowned name in the development as well as the application of information innovations and imaging. Owing to the shortage of limited experts and radiologists in breast cancer diagnostics, the two giants have joined hands for training physicians in early cancer detection.

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Market Segmentation

The MRFR report provides an all-inclusive segmental analysis of the radiology services market on the basis of end user, technology, application, and product type.

Based on product type, the radiology services market is segmented into portable digital radiology systems and stationary digital radiology systems. The stationary digital radiology systems segment has been again segmented into floor-to-ceiling mounted system and stationary ceiling-mounted systems. Of these, the stationary digital radiology systems segment will dominate the market over the forecast period chiefly owing to the growing demand for such systems in hospitals, its wide application, as well as, less radiation exposure.

Based on application, the radiology services market is segmented into orthopedic imaging, mammography imaging, dental imaging, chest imaging, and cardiovascular imaging.

Base on technology, the radiology services market is segmented into direct digital radiology and computed radiology.

Based on end user, the radiology services market is segmented into diagnostic centers, hospitals, and others.

Regional Analysis

By region, the radiology services market report covers the latest trends and growth opportunities across the Americas, the Asia Pacific (APAC), Europe, and the Middle East and Africa (MEA). Of these, the Americas will dominate the market over the forecast period. Factors aiding growth in this region include increasing funding and investments, increasing chronic disease, increasing aging population, and initiatives undertaken by the government towards advanced healthcare infrastructure.

The radiology services market in Europe is predicted to have the second-largest share over the forecast period. Factors aiding growth in this region include favorable reimbursement policies, increasing R&D, and support and funding from the government for the healthcare sector.

The radiology services market in the APAC region is predicted to grow at the fastest pace over the forecast period. Factors aiding growth in this region include expansions by key market players, increasing investments in healthcare, and the growing prevalence of cancer.

The radiology services market in the MEA is predicted to have a small share over the forecast period.